Magazine article VFW Magazine

VA Home Loans Cheaper Than Most

Magazine article VFW Magazine

VA Home Loans Cheaper Than Most

Article excerpt

Despite a record number of VA home loans issued in 2015, "countless" veterans and military families are missing out on the safe, low-interest loans, according to Mike Frueh, director of VA's Loan Guaranty Service.

"It's a myth that the loan takes too long to get, it's too cumbersome, it's difficult," he told Zittow.com, an online real estate database company, in the article 4 VA Loan Myths that Hamper Veteran Home Buyers.

"We can counter that through education and through constantly addressing our program to make it better."

The misconceptions, Frueh said, can be broken down into four myths. They are:

Myth 1: You need perfect credit

Eligible veterans are required to have a minimum 620 FICO score to qualify. That is considered "Fair" credit, a rating one step lower than "Good" and two steps lower than "Excellent. …

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